Leading Greek toy retailer reports profit in recession-hit market

A leading Greek toy retailer, Jumbo has seen a 37 per cent increase in annual profit, benefiting from strong sales in Cyprus and Bulgaria.

With 52 stores in operation in the recession-hit Greece, Jumbo has credited its profit to its expansion outside of the home market.

The retailer currently operates 14 stores in Cyprus, Bulgaria and Romania, and says it has seen net profit rise from 74 million euros in 2013 to 101 million euros by the end of its financial year in June 2014.

The profit figure was well ahead of the target of 80 to 85 million euros the company had set itself.

The profit indicates a successful year for the Greek retailer, whose market has been hammered by a six year austerity induced recession, which has wiped out about a third of household income.

Jumbo is now expecting a net profit of 90 to 95 million euros and a four to six per cent rise in sales for the current year.

The retailer launched five new stores last year and is now planning to open another six by June 2015.